Spending wisely for a better future
The transition from high school into the real world can be daunting. There is a lot of critical information to know out there that, unfortunately, too many students fail to realize. As the next chapter of life commences, it’s best to go in with some knowledge rather than none at all.
Regarding finances, it’s easy to underestimate just how much money one may be spending over a certain period of time, especially without an accurate record of bank statements. By realizing the difference between the money that goes into the account versus the money that goes out, the proper adjustments can be made to save each month.
Self-help coach Kierra Asnauskas, founder of Miss Unconventional, a brand designed to aid high-achieving women on their quest toward a fulfilling life, agrees with this notion. By saving and budgeting, Asnauskas was able to pay off $50,000 in student loan debt from the time she graduated in 2013 to 2018. It takes the average American adult around 19 years to pay off their student loans, according to a study held by New York Life, yet Asnauskas overcame these odds.
“Make sure you’re living off of less than what you make; you know, those basic things that we all know about finances,” Asnauskas said. “And be okay with the fact that everything is an experiment, and you’re not going to have all of the answers out of the gate.”
There’s still so much to learn about life, but Asnauskas recommends using prior knowledge to write down a detailed budget plan at the beginning of every month. Since the goal is to save, that may mean, for example, to drop from spending about $500 on food to $250. Another example is, instead of spending thousands on clothing yearly, utilize the clothes that are already owned and save thousands of dollars.
Senior Gavin Procick is ready to make the changes necessary to set himself up for success in his future.
Procick said, “I’ve never been one to be good with money, but I know that a lot of my decisions going forward could have major consequences so I want to be smarter about that. After college, I want to be financially stable so I’ll need to work to make that happen.”
By being responsible financially, and viewing every situation as a learning opportunity, a lot of financial stress down the line can be avoided.